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Cheque truncation pilot project
MUMBAI: The Reserve Bank of India is expected to kick off the pilot project on cheque truncation, which eliminates physical movement of cheques, in Delhi over the next 9-12 months.
"We have invited tenders from parties for developing the necessary software for cheque truncation," the Reserve Bank of India Chief General Manager, R. Gandhi, told newspersons on the sidelines of a seminar organised by the Indian Banks' Association (IBA) here on Tuesday. The pilot project would be initiated in Delhi, he added.
Cheque truncation is the process in which the physical movement of cheque is curtailed or eliminated by electronic records of their content for further processing and transmission.
PTI
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